WALTHAM, Mass. – With 45 million Americans holding student loans of more than $1.5 trillion, employees are often saddled with years of substantial monthly payments. Paying back these loans often means postponing saving for retirement.
Raytheon is announcing a new program to help employees save for retirement while repaying their student loans. Through the Raytheon Student Loan Repayment Contribution, eligible employees who aren’t able to make student loan repayments and contribute to their 401(k) can get a company matching contribution (3 or 4 percent depending on years of service), if their student loan repayments reach the percentage of the company match for which they’re eligible.
“We are always searching for innovative ways to offer competitive pay and benefits to current and prospective employees,” said Mike Bull, vice president of Total Rewards at Raytheon Company. “Being a great place to work with equally great benefits is what helps us attract, motivate and retain our most valuable asset: our employees.”
Through the 401(k), called the Raytheon Savings and Investment Plan, the company will make a dollar for dollar contribution for amounts employees spend repaying their student loans, up to their maximum match percentage. The program benefits will begin to accrue in 2020 with company contributions deposited in employees’ 401(k) accounts in the first quarter of 2021 and years following.
This benefit is another important recruiting tool addressing a serious financial concern of early career employees.
Other distinctive benefits include:
- Flexible work arrangements, including every other Friday off
- Parental leave for mothers and fathers
- No disability waiting period for new employees going on maternity leave
- Benefits for dependents with Autism
- Comprehensive rewards and recognition programs
For more information on Raytheon benefits, go to: https://jobs.raytheon.com/benefits